Faculty of Business Administration
FBA Distinguished Scholar Seminar
Hosted by The Business Research and Training Center


Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Firms

Prof. Silvio VISMARA
Professor of Entrepreneurial Finance
University of Bergamo, Italy

Date:       Tuesday, 14 December 2021

Time:     4:00 pm

Format:   Online via Zoom

Deadline for Registration: 10/12/2021



We know little about what happens to firms after an unsuccessful equity crowdfunding campaign, albeit a common outcome. Taking a socioemotional wealth perspective, we hypothesize that family firms are more likely to still raise equity financing eventually than non-family firms. One way to do so is by switching from initially not giving away voting rights to offering shares with voting rights. Using data on the firms that unsuccessfully approached the UK equity crowdfunding market, our hypotheses are supported. Taken together, this study adds novel insights into the nexus of equity crowdfunding and family business literature.


Silvio Vismara is Professor of Entrepreneurial Finance at the University of Bergamo, Italy. He was visiting scholar at the Manchester Business School, at the Cass Business School, and at the University of Florida. He is co-founder of the CCSE research center with the University of Augsburg, Germany.  His research on IPOs and crowdfunding has been covered by The Economist, Financial Times, and Investors Chronicle. He has been the associate editor of Small Business Economics, Journal of Technology Transfer, and Management Review Quarterly. He established an academic spinoff (Universoft) in 2004 and currently serves as scientific consultant for the Italian Stock Exchange.